Should you buy points? Buying points when you close on your mortgage can reduce the interest rate, which in turn reduces your monthly payment. However each “point” will cost you 1% of your mortgage balance. This calculator helps you determine if you should pay for points or use the money to increase your down payment.
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Visit MakingCents for clear, step-by-step information on the home-buying process, from understanding mortgages to homeowner essentials.